- The ARRR coin shows a bearish crossover of the 20 and 50-day EMA
- The ARRR/BTC pair was trading at 0.00005916 BTC with a loss of 3.37%
- The 24hr trading volume in the ARRR coin is $1.2 Billion
On 23rd August, the ARRR coin was rejected from $4.8 resistance and entered a retracement phase. However, the bear attack never stopped, and the price kept falling, breaking new support levels one after another. As for now, the price has retraced to the 0.786 FIB level, which is a relatively low mark to continue a bull rally.
Concerning the EMA’s, the ARRR coin indicates a bearish trend as its price is trading below the 20, 50. Moreover, the chart also shows a bearish crossover of these EMA’s, attracting even more sellers in the coin market.
The RSI (BEARISH) value is at 32, indicating the strong bearish sentiment in the coin.
ARRR Coin Shows A Probability Of Forming A Double Bottom Pattern
The ARRR coin shows the formation of a double bottom pattern in the 4hr time frame. This pattern has its neckline at the $3.5 mark and increases the chance of price reversing from this level. Thus, the Crypto traders can enter a long trade once the price provides a decisive breakout from the overhead resistance level.
The MACD indicator indicates a bearish momentum in the coin as both the MACD and signal line are moving below the neutral zone(0.00). Moreover, the indicator also showed a bearish crossover of these lines, projecting a sell signal for the ARRR trader.
Conclusion: From the technical perspective, the retracement phase of the ARRR coin has dropped to a significant mark, i.e., 0.768 FIB level. Thus, a retracement to this level is quite unfavorable for the bull rally, indicating a lesser chance for the uptrend to continue. Anyhow, the price still holds a bullish pattern for their traders, which can provide valid support to this coin.
Support– $2.63
Resistance– $3.11